As the new financial year fast approaches businesses must factor in changes that affect TSS application lodgements:
Increase of TSMIT
As flagged by the Migration Strategy, the Temporary Skilled Migration Income Threshold (TSMIT), currently set at $70,000 per annum, will increase every 1 July going forward indexed to the Wage Price Index. This is estimated to fall between 4.2% and 4.5%. Calculations would land the new TSMIT post 1 July 2024 at between $73,010 and $73,150.
- This will mean the guaranteed earnings (not including superannuation) for 38 hours for any new TSS nomination lodged under the standard TSS program after 1 July 2024, will need to be more than this amount and at least market rate.
- Existing TSS visa holders will need to be reviewed and earnings increased to meet the market rate.
- Labour Market Testing for nominations to be submitted after 1 July will need to be for at least this amount.
Increase of visa application lodgement fees
Immigration fees will increase on 1 July 2024 as they generally do each year. Fees generally increase by CPI but we will not know the exact amount until closer to 1 July.
Upcoming lodgments for permanent residence and temporary visas should be made pre-1 July to reduce cost increases.
Increase of FWHIT
The Fair Work High Income Threshold (FWHIT) is currently $167,500 but this figure will also adjusted on 1 July.
Jobs & Skills Australia Consultation on the Core Skills Occupations List
A reminder the Jobs and Skills Australia Core Skills Occupations List (CSOL) Consultation is now open. The survey is open until Friday, 10 May 2024, and submissions can be lodged until 5:00pm AEST on Friday, 31 May 2024. Business may opt to do either or both.
Update on current processing times
We are now seeing:
- Limited permanent residence visa grants. Whilst business nominations are being approved, visa grants are being delayed until post 1 July because of the Department’s annual quotas
- Delay on TSS visa processing with greater inconsistency – varying from a few days to months (even for accredited sponsors)
- Ongoing delays in obtaining bookings for medical examinations in Australia leading to delays with grants.
Upcoming Federal Budget
The Treasurer will deliver the 2024–25 Federal Budget on Tuesday, 14 May 2024. The Federal Budget normally has significant announcements affecting the immigration portfolio we will send an update shortly after the announcements are made.
Our office held a webinar yesterday and a recording can be found here.
For more information or to discuss these upcoming changes please contact your Ajuria Lawyers advisor.
